FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT WITH STOCK PURCHASE AND STOCK OPTION PROVISIONSEmployment Agreement Amendment |
|
|
|
You are currently viewing: This Employment Agreement Amendment involves
BRAINTECH INC. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
|
|
|
Search Employment Agreement Amendment by:
EXHIBIT 10.1
FIRST AMENDMENT
TO
EXECUTIVE EMPLOYMENT AGREEMENT
WITH STOCK PURCHASE AND STOCK OPTION PROVISIONS
THIS FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT WITH STOCK PURCHASE AND STOCK OPTION PROVISIONS (this Amendment), dated as of May 12, 2008, is entered into by and between Braintech, Inc., a Nevada corporation (the Company), and Frederick (Rick) Weidinger (Executive).
WHEREAS, the Company and Executive are parties to that certain Executive Employment Agreement with Stock Purchase and Stock Option Provisions, dated as of October 22, 2007 (the Original Agreement):
WHEREAS, the Board of Directors of the Company has adjusted its strategic goals since the date of the Original Agreement and has resolved to amend the terms of the Original Agreement consistent therewith; and
WHEREAS, the Company and Executive desire to set forth herein the terms and conditions of their agreements and understandings with respect to the foregoing.
NOW, THEREFORE, in consideration of the foregoing, of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
I. Definitions. Capitalized terms used but not defined herein shall have the meanings given such terms in the Original Agreement.
II. Amendment to Original Agreement. The Original Agreement shall be amended as follows: Appendix I to the Original Agreement is hereby deleted in its entirety and replaced with the Appendix I attached to this Amendment.
III. No Conflict. To the extent that any provision of this Amendment conflicts with or differs from any provision of the Original Agreement, such provisions of this Amendment shall prevail and govern for all purposes and in all respects.
IV. Entire Agreement. The Original Agreement, as amended herein, those documents expressly referred to therein and the other documents of even date with the Original Agreement (a) embody the complete agreement and understanding among the parties and (b) supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way.
V. No Additional Changes. Except as modified hereby, the Original Agreement and its terms and provisions are hereby ratified and confirmed for all purposes and in all respects. All references to the Agreement contained in the Original Agreement shall for all purposes be deemed to refer to the Original Agreement as amended by this Amendment.
VI. Headings. The headings of this Amendment are for convenience of drafting only and shall not be considered when interpreting the meaning or intent of this Amendment.






